MASTEC INC
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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Lease Obligations
Note 9 –Lease Obligations
Finance Leases
The gross amount of assets held under finance leases as of December 31, 2025 and 2024 totaled $798.8 million and $713.9 million, respectively. Assets held under finance leases, net of accumulated depreciation, totaled $560.1 million and $473.0 million as of December 31, 2025 and 2024, respectively. Depreciation expense associated with finance leases totaled $70.8 million, $81.7 million and $103.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Operating Leases
Operating lease additions for the years ended December 31, 2025, 2024 and 2023 totaled $241.4 million, $166.8 million and $224.6 million, respectively. Acquisition-related additions for the year ended December 31, 2025 were immaterial.
For the years ended December 31, 2025, 2024 and 2023, rent expense for leases that have terms in excess of one year totaled approximately $229.7 million, $195.8 million and $162.1 million, respectively, of which $20.8 million, $17.8 million and $15.8 million, respectively, represented variable lease costs. The Company also incurred rent expense for leases with terms of one year or less totaling approximately $686.9 million, $547.0 million and $608.2 million for the years ended December 31, 2025, 2024, and 2023, respectively. Rent expense for operating leases is generally consistent with the amount of the related payments, which payments are included within operating activities in the consolidated statements of cash flows.
Additional Lease Information
Future minimum lease commitments as of December 31, 2025 were as follows (in millions):
| Finance Leases · Operating Leases | ||
|---|---|---|
| 2026 | $141.3 | $195.3 |
| 2027 | 101.5 | 145.0 |
| 2028 | 74.7 | 94.6 |
| 2029 | 43.3 | 38.8 |
| 2030 | 11.2 | 12.7 |
| Thereafter | — | 28.2 |
| Total minimum lease payments | $372.0 | $514.6 |
| Less amounts representing interest | (28.4) | (46.2) |
| Total lease obligations, net of interest | $343.6 | $468.4 |
| Less current portion | 131.7 | 175.6 |
| Long-term portion of lease obligations, net of interest | $211.9 | $292.8 |
The following table presents weighted average remaining lease terms and discount rates for finance and non-cancelable operating leases as of the dates indicated:
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Weighted average remaining lease term (in years): | ||
| Finance leases | 3.1 | 2.7 |
| Operating leases | 3.4 | 3.7 |
| Weighted average discount rate: | ||
| Finance leases | 4.9% | 4.8% |
| Operating leases | 5.2% | 5.1% |
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